NEW YORK: US natural gas futures on Friday eased from a 30-month high ahead of the July 4th holiday weekend on forecasts for less hot weather and lower demand over the next two weeks than previously expected.
Traders noted that decline came despite a drop in output to the lowest level since gas wells and pipes froze in Texas during February. This week’s output decline was due to a problem with a natural gas liquids pipeline in West Virginia.
After rising for eight days, front-month gas futures fell 5 cents, or 1.4%, to $3.611 per million British thermal units (mmBtu) at 7:52 a.m. EDT (1152 GMT). On Thursday, the contract closed at its highest since December 2018 for a fourth day in a row.
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